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IRS data indicates that fewer than one percent of all individual income tax returns are audited each year. That is true, but some taxpayers are more vulnerable than others. For starters, the IRS is more likely to audit taxpayers who report high incomes because that...

Individuals: File a 2016 income tax return. If you want an automatic six-month extension of time to file the return, file IRS Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Then, file IRS Form 1040, 1040A, or 1040EZ...

Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors, and lenders — evaluate a company’s financial condition and results. Below is an...

Assessing fraud risks is an integral part of the auditing process. The Statement on Auditing Standards (SAS) No. 99, Consideration of Fraud in a Financial Statement Audit, requires auditors to consider potential fraud risks before and during the information-gathering process. Business owners and managers may...

The average published cost for tuition, fees, room, and board at private non-profit colleges and universities is $45,570 in the 2016-17 academic year. At public institutions, that average cost is $35,370 for out-of-state students, while state residents pay $20,090, on average. Financial aid and tax...